Very good question, hugeblack.

I'm going to change the sign-in process to allow users to show their photo ID only when they want to withdraw. That seems to be the process that a few other US-based companies are following.

I wish the laws were more clear in the United States. Every state is different and every state has their own opinion about whether or not digital assets/cryptocurrencies qualify as money with respect to money transmission.

I registered as a money transmitter, but Firetrade only deals with cryptocurrencies at the moment. In the future, I do plan do get additional licenses for fiat, but those licenses are expensive.

I appreciate this information, hugeblack. Can you post some exchanges that have registered MSB activities other than "Money transmitter"? I'd be interested to see how they registered.